How Barcode Tracking Tools Can Boost Your Asset Tracking
Barcode tracking technology can help you keep track of all your business assets efficiently using a centralised, paperless system.
Whether you’re a small business or a large enterprise, you can use barcode tracking to get a complete overview of your business inventory. This could be company products in stock, IT assets, equipment, machinery, and even property and facilities.
Firstly, What is Asset Tracking?
Asset tracking gives you increased visibility over where your assets are located, how many assets you have and which staff has previously accessed them.
By using asset tracking, you can build and maintain a directory of all business assets in real-time. You can also reduce the likelihood of assets going missing, or getting lost or stolen within the workplace.
Asset tracking software enables you to generate inventory reports quickly and automatically for audit purposes.
This eliminates the need for a manual reporting process, which you’d have to undertake if you were using a spreadsheet system, for example.
What is Barcode Tracking Technology?
Barcodes provide an exact, error-free, and fast way of tracking assets and managing inventory.
Tracking software can read, process, and store information about an asset, while tracking hardware is a device used to capture the barcode. Such hardware might be a scanner, barcode printer, mobile device, or computer.
There are various types of barcodes that can be used, such as Universal Product Codes (UPC), International Article Numbers (IAN) and Quick Response (QR) codes. But, they all have something in common; they can all be printed out and read via a scanner.
Barcode tracking technology is a relatively cost-efficient way to track your assets. More so than RFID tracking, for example, which can involve expensive scanning, printing, and labelling equipment.
But, the most beneficial factor of using a barcoding system is the high reduction in errors. According to makebarcode.com, the typical error rate for human data entry is 1 per 300 characters. Whereas, the error rate of a barcode scanner can be as accurate as 1 error in 36 trillion characters.
Benefits of Barcode Asset Tracking System
A typical barcode tracking system would include both hardware and software. Small businesses might only need to generate barcodes using an online tool and use a basic barcode tracking system that prints labels and works with a scanner.
However, for more advanced inventory management requirements, a more comprehensive system could be in order.
A quality barcode asset tracking system can have many benefits:
- Allows you to design custom labels.
- Prints multiple barcode labels at the same time.
- Effectively manager orders by scanning a barcode when needed, or automatically re-order stock when quantities reach a set minimum.
- Allows you to check product status.
- Update stock quantities as part of the packing/shipping process.
- Track barcodes in different geographical locations anywhere in the world.
- Integrate with in-house accounting or ERP systems and mobile apps.
- Send alerts and notifications to help staff manage asset tracking and management.
How Much Does Barcode Tracking Technology Cost?
The cost for a barcode tracking system really depends on the assets you want to track and manage. It also depends on what kind of hardware you need.
For example, barcode tracking software on its own might cost a few hundred pounds. A complete starter kit bundle containing software, a scanner, and a printer could cost more than a thousand pounds.
Whereas an asset tracking tool, that’s just one feature of a complete asset management system, could be a significant investment if purchased upfront.
Asset management software typically includes features to help you manage the entire lifecycle of your assets, from purchase through to routine maintenance through to asset disposal.
Is Barcode Tracking Right for Your business?
All businesses, large or small, have inventory or specific assets to track and manage. If you’re wondering whether you should be investing in barcode tracking technology, ask yourself the following questions on how you manage asset tracking and inventory currently.
- Do you or your employees spend hours manually inputting orders and updating your stock cycle?
- Are you frustrated with complicated spreadsheets and messy paper records?
- Is your current system prone to errors?
- Do you need to increase business productivity and efficiency?
- Do you have the budget to invest in a barcode asset tracking system?
Where Do You Go From Here?
Now the next thing to do is to search, compare and shortlist the right asset tracking software for your business needs with our free questionnaire!